How much sugar will government purchase

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Reference no: EM13191851

Suppose the government gives a guaranteed minimum price for sugar of $.25 cents a pound and agrees to purchase any surplus which is subsequently destroyed.
Demand and Supply are:
Qd = 200,000 - 350,000P
Qs = 650,000P

Given the government policy, how much will be sold on the private market, that is, how much will consumers buy without government purchases? How much sugar will government purchase?

Reference no: EM13191851

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